Hyderabad: The Crime Investigation Department (CID) on Friday arrested a conman for allegedly swindling investors of Rs 95 crore under the guise of high returns from cryptocurrency investments.
Shikha Goel, CID director general, confirmed that K Ramesh Goud, a native of Jangaon, defrauded at least 43 victims, who were lured by a fake website created by Goud. “The victims were urged to visit the site through a link, promising high cryptocurrency returns,” Goel said.
CID officials revealed that the victims pooled funds from personal loans and their own savings, believing the money would be invested in cryptocurrency. However, Goud stopped communication, and the victims realised they had been duped.
“The 43 victims approached us, but the actual number is likely much higher,” CID officials noted. “Initially, Goud returned small sums to build trust, but once the amounts grew, he disappeared.”
Despite arresting Goud, police have yet to recover any funds, as he allegedly diverted them. “We need his custody to trace how and where the money was spent,” a senior official added.
It was after a complaint from A Manoj Kumar of Karimnagar, a case was registered under the Telangana Protection of Depositors and Financial Establishment Act-1999, and the Prize Chits and Money Circulation Scheme (Banning) Act-1978.
